Market corrects following negative global cues: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"On the weekly F&O expiry day, Nifty started trading on a flat note. But the indices crept lower throughout the day and ended tad above 9900, registering a loss of over 200 points.

After a minor pullback in the first half an hour, the indices corrected gradually during the day towards the 10000 mark. All eyes were on the Supreme Court hearing on the AGR dues around noon in which the honorable court adjourned hearing to 18th June. The indices did not see any swings immediately, but it followed the global cues which were trading in deep cuts and as a result, Nifty breached the 10000 mark and corrected further to end the day around 9900. In last few sessions, we had seen that any dip in the range of 9900-10000 was being bought into. However, the market breadth was negative today and broader markets witnessed sell-off thus jeopardizing the support of 9900. The coming session will be a crucial considering the weekly close and also how market reacts around the support of 9900. A sustainable move below the same could then lead to a decent profit booking in stocks as we have seen some good upmoves in the recent past. The levels that Nifty could approach then are seen around 9800 followed by the '20 DEMA' around 9700. On the flipside, 10050-10100 will now be seen as immediate resistance on pullback moves."

Source : Equity Bulls

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